Bank of Hawaii Corporation First Quarter 2021 Financial Results

April 26, 2021

BOH 1Q2021 Earnings 2.3 MB

Diluted Earnings Per Share $1.50
Net Income $59.9 Million
Board of Directors Declares Dividend of $0.67 Per Share

HONOLULU--(BUSINESS WIRE)--Apr. 26, 2021-- Bank of Hawaii Corporation (NYSE: BOH) today reported diluted earnings per share of $1.50 for the first quarter of 2021, compared with diluted earnings per share of $1.06 in the previous quarter and $0.87 in the same quarter last year. Net income for the first quarter of 2021 was $59.9 million compared with net income of $42.3 million in the fourth quarter of 2020 and $34.7 million in the first quarter of 2020.

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“We are pleased with our financial performance during the first quarter of 2021," said Peter Ho, Chairman, President, and CEO. “Our balance sheet remains strong with deposit balances and total assets reaching new record highs, solid asset quality, and high levels of liquidity and capital.”

The return on average assets for the first quarter of 2021 was 1.15 percent compared with 0.83 percent during the previous quarter and 0.77 percent in the same quarter last year. The return on average equity for the first quarter of 2021 was 17.65 percent compared with 12.26 percent during the previous quarter and 10.64 percent in the same quarter last year.

Financial Highlights

Net interest income, on a taxable-equivalent basis, for the first quarter of 2021 was $120.8 million, an increase of $1.0 million from $119.8 million in the fourth quarter of 2020 and down $5.5 million from $126.3 million in the first quarter of 2020. The net interest margin was 2.43 percent in the first quarter of 2021, a decrease of 5 basis points from 2.48 percent the previous quarter and 53 basis points from 2.96 percent in the same quarter last year. Net interest income in the fourth quarter of 2020 included a charge of $3.0 million related to an impairment in the residual value of a leveraged lease which had a negative impact of 6 basis points on the net interest margin. The decrease in the net interest margin is largely due to higher levels of liquidity from continued strong deposit growth and lower interest rates. Analyses of changes in net interest income are included in Tables 8a and 8b.

Results for the first quarter of 2021 included a negative provision for credit losses of $14.3 million compared with a provision for credit losses of $15.2 million in the previous quarter and $33.6 million in the same quarter last year.

Noninterest income was $43.0 million in the first quarter of 2021 compared with noninterest income of $45.3 million in the fourth quarter of 2020 and $46.1 million in the first quarter of 2020. The decrease in noninterest income during the first quarter of 2021 compared with the prior quarter is largely due to a decrease in customer derivative program and mortgage banking income. The decrease in noninterest income compared to the first quarter of 2020 is largely due to a decrease in customer derivative program income and lower service charges on deposit accounts.

Noninterest expense was $98.9 million in the first quarter of 2021 compared with noninterest expense of $98.7 million in the fourth quarter of 2020 and $96.3 million in the first quarter of 2020. Noninterest expense in the first quarter of 2021 included seasonal payroll expenses of approximately $2.1 million, charges related to the rollout of contactless cards of $1.9 million, and separation expenses of $1.8 million. Noninterest expense in the first quarter of 2021 also included the restoration of corporate incentives that were eliminated in the first quarter of 2020. Noninterest expense in the fourth quarter of 2020 included $6.1 million in charges related to the decision to permanently close twelve branches and reduce the current number of cash-only ATMs. Noninterest expense in the fourth quarter of 2020 also included a charge of $0.8 million related to the true-up of amortization on an investment. Noninterest expense in the first quarter of 2020 included seasonal payroll expenses of approximately $3.1 million and separation expenses of $4.7 million that were partially offset by the elimination of corporate incentive accruals. An analysis of noninterest expenses related to salaries and benefits is included in Table 9.

The efficiency ratio during the first quarter of 2021 was 60.45 percent compared with 59.88 percent in the previous quarter and 55.96 percent during the same quarter last year.

The effective tax rate for the first quarter of 2021 was 24.09 percent compared with 16.87 percent in the previous quarter and 17.68 percent during the same quarter in 2020. The increase in the effective tax rate for the first quarter of 2021 was primarily due to higher pretax book income in the first quarter of 2021. The fourth quarter of 2020 included a return to provision adjustment of $1.6 million. There were no significant items impacting the tax rate during the first quarter of 2020.

The Company’s business segments are defined as Consumer Banking, Commercial Banking, and Treasury & Other. Results for the business segments are determined based on the Company’s internal financial management reporting process and organizational structure. Selected financial information is included in Tables 13.

Asset Quality

The Company’s overall asset quality remained stable during the first quarter of 2021. Total non-performing assets were $17.9 million at March 31, 2021, down from $18.5 million at December 31, 2020 and from $20.6 million at March 31, 2020. Non-performing assets as a percentage of total loans and leases and foreclosed real estate were 0.15 percent at the end of the first quarter of 2021, compared with 0.15 percent at the end of the fourth quarter of 2020 and 0.18 percent at the end of the first quarter of 2020.

Bank of Hawaii Corporation First Quarter 2021 Financial Results Page 3

Accruing loans and leases past due 90 days or more were $10.4 million at March 31, 2021 compared with $10.5 million at December 31, 2020 and $8.5 million at March 31, 2020. Restructured loans on accrual status and not past due 90 days or more were $74.2 million at March 31, 2021 compared with $68.1 million at December 31, 2020 and $61.4 million at March 31, 2020. More information on non-performing assets and accruing loans and leases past due 90 days or more is presented in Table 11.

Net loan and lease charge-offs during the first quarter of 2021 were $2.9 million or 0.10 percent annualized of total average loans and leases outstanding and were comprised of charge-offs of $6.3 million partially offset by recoveries of $3.4 million. Net charge-offs during the fourth quarter of 2020 were a net recovery of $0.3 million and were comprised of charge-offs of $3.2 million fully offset by recoveries of $3.5 million. Net charge-offs during the first quarter of 2020 were $3.7 million or 0.14 percent annualized of total average loans and leases outstanding and were comprised of $7.2 million of charge-offs partially offset by recoveries of $3.4 million.

The allowance for credit losses on loans and leases was $198.3 million at March 31, 2021, a decrease from $216.3 million at December 31, 2020 and an increase from $138.2 million at March 31, 2020. The ratio of the allowance for credit losses to total loans and leases outstanding was 1.63 percent at March 31, 2021, down from 1.81 percent at December 31, 2020 and up from 1.22 percent at March 31, 2020. The reserve for unfunded commitments was $3.0 million at March 31, 2021, a slight increase from $2.4 million at the end of the prior quarter and down from $3.3 million at the end of the same quarter in 2020. Details of loan and lease charge-offs, recoveries, and the components of the total reserve for credit losses are summarized in Table 12.

Other Financial Highlights

Total assets increased to a new record of $21.9 billion at March 31, 2021, compared with total assets of $20.6 billion at December 31, 2020 and $18.5 billion at March 31, 2020. Average total assets were $21.2 billion during the first quarter of 2021, an increase from $20.4 billion during the fourth quarter of 2020 and $18.2 billion in the first quarter of 2020.

The investment securities portfolio was $7.5 billion at March 31, 2021, up from $7.1 billion at December 31, 2020 and from $5.7 billion at March 31, 2020 due to growth in deposits that continued to outpace loan growth. The portfolio remains largely comprised of securities issued by U.S. government agencies and includes $4.0 billion in securities available-for-sale and $3.5 billion in securities held-to-maturity at March 31, 2021. The securities portfolio at December 31, 2020 included $3.8 billion in securities available-for-sale and $3.3 billion in securities held-to-maturity. The securities portfolio at March 31, 2020 included $2.7 billion in securities available-for-sale and $3.0 billion in securities held-to-maturity.

Total loans and leases were $12.1 billion at March 31, 2021, an increase of 1.7 percent from total loans and leases of $11.9 billion at December 31, 2020 and up 6.9 percent from $11.4 billion at March 31, 2020. Average total loans and leases were $12.0 billion during the first quarter of 2021, an increase from average total loans and leases of $11.8 billion during the fourth quarter of 2020 and $11.1 billion during the first quarter of 2020.

The commercial loan portfolio was $5.3 billion at the end of March 31, 2021, an increase of $158.7 million or 3.1 percent from $5.1 billion at the end of the fourth quarter of 2020 and up $728.8 million or 16.1 percent from $4.5 billion at the end of the first quarter of 2020. Consumer loans were $6.9 billion at March 31, 2021, an increase of $42.0 million or 0.6 percent from $6.8 billion at the end of the fourth quarter of 2020 and up $59.1 million or 0.9 percent from $6.8 billion at the end of the first quarter of 2020. Loan and lease portfolio balances are summarized in Table 10.

Total deposits were $19.6 billion at March 31, 2021, an increase of 7.4 percent from total deposits of $18.2 billion at December 31, 2020 and up 21.8 percent from total deposits of $16.1 billion at March 31, 2020. Average total deposits were $18.7 billion during the first quarter of 2021, an increase from $17.8 billion during the fourth quarter of 2020 and from $15.8 billion during first quarter of 2020.

Consumer deposits were $9.7 billion at March 31, 2021, an increase of $399.0 million or 4.3 percent from $9.3 billion at the end of the fourth quarter of 2020 and an increase of $1.5 billion or 17.5 percent from $8.3 billion at the end of the first quarter of 2020. Commercial deposits were $8.2 billion at March 31, 2021, an increase of $938.3 million or 12.8 percent from $7.3 billion at the end of the fourth quarter of 2020 and an increase of $1.9 billion or 29.6 percent from $6.4 billion at the end of the first quarter of 2020. Other deposits, including public funds, were $1.6 billion at March 31, 2021, an increase of $7.8 million or 0.5 percent from $1.6 billion at the end of the fourth quarter of 2020 and an increase of $166.5 million or 11.9 percent from $1.4 billion at the end of the first quarter of 2020. Deposit balances are summarized in Tables 7 and 10.

Total shareholders’ equity was $1.4 billion at March 31, 2021, a decrease of $14.3 million from December 31, 2020, and an increase of $32.3 million from March 31, 2020. In the first quarter of 2021 there were no repurchases under the share repurchase program. The Tier 1 Capital Ratio was 12.35 percent at March 31, 2021 compared with 12.06 percent at December 31, 2020 and 11.81 percent at March 31, 2020. The Tier 1 Leverage Ratio at March 31, 2021 was 6.61 percent compared with 6.71 percent at December 31, 2020 and 7.12 percent at March 30, 2020. The decrease in the Tier 1 Leverage ratio is due to balance sheet growth related to the significant increase in customer deposits.

The Company’s Board of Directors declared a quarterly cash dividend of $0.67 per share on the Company’s outstanding shares. The dividend will be payable on June 14, 2021 to shareholders of record at the close of business on May 28, 2021.

Conference Call Information

The Company will review its first quarter financial results today at 8:00 a.m. Hawaii Time (2:00 p.m. Eastern Time). The live call, including a slide presentation, will be accessible on the investor relations link of Bank of Hawaii Corporation's website, www.boh.com. The webcast link is https://edge.media-server.com/mmc/p/xbnzsss3. The toll-free number for the teleconference is 1 (844) 543-5235 in the United States and Canada and 1 (703) 318-2209 for other international callers. Use the pass code “Bank of Hawaii” to access the call. A replay of the conference call will be available for one week beginning approximately 11:00 a.m. Hawaii Time on Monday, April 26, 2021. The replay number is 1 (855) 859-2056 in the United States and Canada and 1 (404) 537-3406 from other international locations. Enter the conference ID 8037629 when prompted. In addition, the replay will be available on the Company's website, www.boh.com.

Forward-Looking Statements

This news release, and other statements made by the Company in connection with it may contain "forward-looking statements" (as defined in the Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties that could cause results to be materially different from expectations. Forecasts of our financial results and condition, expectations for our operations and business prospects, and our assumptions used in those forecasts and expectations are examples of certain of these forward-looking statements. Do not unduly rely on forward-looking statements. Actual results might differ significantly from our forecasts and expectations because of a variety of factors. More information about these factors is contained in Bank of Hawaii Corporation's Annual Report on Form 10-K for the year ended December 31, 2020, which was filed with the U.S. Securities and Exchange Commission. These forward-looking statements are not guarantees of future performance and speak only as of the date made, and, except as required by law, the Company undertakes no obligation to update or revise any forward-looking statements to reflect subsequent events, new information or future circumstances.

Bank of Hawaii Corporation is an independent regional financial services company serving businesses, consumers, and governments in Hawaii and the West Pacific. The Company's principal subsidiary, Bank of Hawaii, was founded in 1897. For more information about Bank of Hawaii Corporation, see the Company’s web site, www.boh.com.

Bank of Hawaii Corporation and Subsidiaries
Financial Highlights							Table 1
	Three Months Ended
	March 31,			December 31,			March 31,
(dollars in thousands, except per share amounts)	2021			2020			2020
For the Period:
Operating Results
Net Interest Income	$	120,569		$	119,499		$	125,966
Provision for Credit Losses		(14,300	)		15,200			33,600
Total Noninterest Income		42,970			45,258			46,149
Total Noninterest Expense		98,865			98,654			96,312
Net Income		59,949			42,314			34,742
Basic Earnings Per Share		1.51			1.06			0.88
Diluted Earnings Per Share		1.50			1.06			0.87
Dividends Declared Per Share		0.67			0.67			0.67

Performance Ratios
Return on Average Assets		1.15	%		0.83	%		0.77	%
Return on Average Shareholders' Equity		17.65			12.26			10.64
Efficiency Ratio ¹		60.45			59.88			55.96
Net Interest Margin ²		2.43			2.48			2.96
Dividend Payout Ratio ³		44.37			63.21			76.14
Average Shareholders' Equity to Average Assets		6.51			6.74			7.21

Average Balances
Average Loans and Leases	$	11,952,587		$	11,835,929		$	11,060,707
Average Assets		21,150,670			20,382,633			18,222,602
Average Deposits		18,665,222			17,819,116			15,817,745
Average Shareholders' Equity		1,377,272			1,372,971			1,313,848

Per Share of Common Stock
Book Value	$	33.67		$	34.26		$	33.20
Tangible Book Value		32.89			33.47			32.41
Market Value
Closing		89.49			76.62			54.91
High		99.10			80.38			95.53
Low		75.65			49.25			46.70

	March 31,			December 31,			March 31,
	2021			2020			2020
As of Period End:
Balance Sheet Totals
Loans and Leases	$	12,140,703		$	11,940,020		$	11,352,780
Total Assets		21,947,271			20,603,651			18,542,233
Total Deposits		19,556,651			18,211,621			16,055,361
Other Debt		60,459			60,481			60,545
Total Shareholders' Equity		1,360,221			1,374,507			1,327,929

Asset Quality
Non-Performing Assets	$	17,883		$	18,481		$	20,604
Allowance for Credit Losses		198,343			216,252			138,150
Allowance to Loans and Leases Outstanding		1.63	%		1.81	%		1.22	%

Capital Ratios ⁴
Common Equity Tier 1 Capital Ratio		12.35	%		12.06	%		11.81	%
Tier 1 Capital Ratio		12.35			12.06			11.81
Total Capital Ratio		13.61			13.31			13.06
Tier 1 Leverage Ratio		6.61			6.71			7.12
Total Shareholders' Equity to Total Assets		6.20			6.67			7.16
Tangible Common Equity to Tangible Assets ⁵		6.06			6.53			7.00
Tangible Common Equity to Risk-Weighted Assets⁵		11.78			11.89			11.85

Non-Financial Data
Full-Time Equivalent Employees		2,058			2,022			2,094
Branches		63			65			67
ATMs		361			357			382

¹		Efficiency ratio is defined as noninterest expense divided by total revenue (net interest income and total noninterest income).
²		Net interest margin is defined as net interest income, on a taxable-equivalent basis, as a percentage of average earning assets.
³		Dividend payout ratio is defined as dividends declared per share divided by basic earnings per share.
⁴		Regulatory capital ratios as of March 31, 2021 are preliminary. CET 1 / Tier 1 Capital Ratios revised from 11.85%, Total Capital Ratio revised from 13.10%, and Tier 1 Leverage Ratio revised from 7.14% as of March 31, 2020.
⁵		Tangible common equity to tangible assets and tangible common equity to risk-weighted assets are Non-GAAP financial measures. See Table 2 “Reconciliation of Non-GAAP Financial Measures."

Bank of Hawaii Corporation and Subsidiaries
Reconciliation of Non-GAAP Financial Measures							Table 2
	March 31,			December 31,			March 31,
(dollars in thousands)	2021			2020			2020

Total Shareholders' Equity	$	1,360,221		$	1,374,507		$	1,327,929
Less:Goodwill		31,517			31,517			31,517
Tangible Common Equity	$	1,328,704		$	1,342,990		$	1,296,412

Total Assets	$	21,947,271		$	20,603,651		$	18,542,233
Less:Goodwill		31,517			31,517			31,517
Tangible Assets	$	21,915,754		$	20,572,134		$	18,510,716

Risk-Weighted Assets, determined in accordance with prescribed regulatory requirements	$	11,275,565		$	11,295,077		$	10,944,260

Total Shareholders' Equity to Total Assets		6.20	%		6.67	%		7.16	%
Tangible Common Equity to Tangible Assets (Non-GAAP)		6.06	%		6.53	%		7.00	%

Tier 1 Capital Ratio		12.35	%		12.06	%		11.81	%
Tangible Common Equity to Risk-Weighted Assets (Non-GAAP)		11.78	%		11.89	%		11.85	%

Note: Risk-Weighted Assets and Regulatory capital ratios as of March 31, 2021 are preliminary. Risk-Weighted Assets revised from $10,941,909 and Tier 1 Capital Ratio revised from 11.85% as of March 31, 2020.

Bank of Hawaii Corporation and Subsidiaries
Consolidated Statements of Income							Table 3
	Three Months Ended
	March 31,			December 31,			March 31,
(dollars in thousands, except per share amounts)	2021			2020			2020
Interest Income
Interest and Fees on Loans and Leases	$	99,299		$	98,471		$	108,210
Income on Investment Securities
Available-for-Sale		15,837			15,449			16,711
Held-to-Maturity		13,300			14,113			19,252
Deposits		7			1			9
Funds Sold		137			115			546
Other		185			167			218
Total Interest Income		128,765			128,316			144,946
Interest Expense
Deposits		4,329			4,861			14,260
Securities Sold Under Agreements to Repurchase		3,533			3,614			4,025
Funds Purchased		1			5			72
Short-Term Borrowings		-			-			39
Other Debt		333			337			584
Total Interest Expense		8,196			8,817			18,980
Net Interest Income		120,569			119,499			125,966
Provision for Credit Losses		(14,300	)		15,200			33,600
Net Interest Income After Provision for Credit Losses		134,869			104,299			92,366
Noninterest Income
Trust and Asset Management		11,278			11,239			10,915
Mortgage Banking		5,862			6,851			2,695
Service Charges on Deposit Accounts		6,128			6,335			7,451
Fees, Exchange, and Other Service Charges		13,607			12,143			13,200
Investment Securities Gains (Losses), Net		(1,203	)		(1,193	)		(970	)
Annuity and Insurance		702			670			928
Bank-Owned Life Insurance		1,917			2,353			1,580
Other		4,679			6,860			10,350
Total Noninterest Income		42,970			45,258			46,149
Noninterest Expense
Salaries and Benefits		56,251			50,200			54,463
Net Occupancy		9,090			14,536			8,955
Net Equipment		8,878			9,574			8,456
Data Processing		6,322			4,604			4,788
Professional Fees		3,406			3,174			3,208
FDIC Insurance		1,654			1,484			1,456
Other		13,264			15,082			14,986
Total Noninterest Expense		98,865			98,654			96,312
Income Before Provision for Income Taxes		78,974			50,903			42,203
Provision for Income Taxes		19,025			8,589			7,461
Net Income	$	59,949		$	42,314		$	34,742
Basic Earnings Per Share	$	1.51		$	1.06		$	0.88
Diluted Earnings Per Share	$	1.50		$	1.06		$	0.87
Dividends Declared Per Share	$	0.67		$	0.67		$	0.67
Basic Weighted Average Shares		39,827,590			39,773,851			39,681,611
Diluted Weighted Average Shares		40,071,477			39,963,736			39,916,986

Bank of Hawaii Corporation and Subsidiaries
Consolidated Statements of Comprehensive Income							Table 4
	Three Months Ended
	March 31,			December 31,			March 31,
(dollars in thousands)	2021			2020			2020
Net Income	$	59,949		$	42,314		$	34,742
Other Comprehensive Income (Loss), Net of Tax:
Net Unrealized Gains (Losses) on Investment Securities		(50,050	)		(961	)		41,559
Defined Benefit Plans		441			(5,616	)		374
Other Comprehensive Income (Loss)		(49,609	)		(6,577	)		41,933
Comprehensive Income	$	10,340		$	35,737		$	76,675

Bank of Hawaii Corporation and Subsidiaries
Consolidated Statements of Condition							Table 5
	March 31,			December 31,			March 31,
(dollars in thousands)	2021			2020			2020
Assets
Interest-Bearing Deposits in Other Banks	$	4,506		$	1,646		$	6,346
Funds Sold		1,101,631			333,022			96,898
Investment Securities
Available-for-Sale		4,024,763			3,791,689			2,681,049
Held-to-Maturity (Fair Value of $3,477,346; $3,348,693; and $3,104,020)		3,464,360			3,262,727			3,004,139
Loans Held for Sale		18,320			82,565			20,789
Loans and Leases		12,140,703			11,940,020			11,352,780
Allowance for Credit Losses		(198,343	)		(216,252	)		(138,150	)
Net Loans and Leases		11,942,360			11,723,768			11,214,630
Total Earning Assets		20,555,940			19,195,417			17,023,851
Cash and Due from Banks		286,717			279,420			453,465
Premises and Equipment, Net		198,107			199,695			196,228
Operating Lease Right-of-Use Assets		97,750			99,542			98,695
Accrued Interest Receivable		47,917			49,303			46,996
Foreclosed Real Estate		2,332			2,332			2,506
Mortgage Servicing Rights		22,320			19,652			22,537
Goodwill		31,517			31,517			31,517
Bank-Owned Life Insurance		291,764			291,480			289,536
Other Assets		412,907			435,293			376,902
Total Assets	$	21,947,271		$	20,603,651		$	18,542,233

Liabilities
Deposits
Noninterest-Bearing Demand	$	6,227,436		$	5,749,612		$	4,378,918
Interest-Bearing Demand		4,379,243			4,040,733			3,261,101
Savings		7,474,580			6,759,213			6,670,530
Time		1,475,392			1,662,063			1,744,812
Total Deposits		19,556,651			18,211,621			16,055,361
Funds Purchased		-			-			75,000
Short-Term Borrowings		-			-			75,000
Securities Sold Under Agreements to Repurchase		600,490			600,590			603,206
Other Debt		60,459			60,481			60,545
Operating Lease Liabilities		105,820			107,412			106,180
Retirement Benefits Payable		50,687			51,197			44,124
Accrued Interest Payable		4,109			5,117			7,932
Taxes Payable and Deferred Taxes		15,599			2,463			32,793
Other Liabilities		193,235			190,263			154,163
Total Liabilities		20,587,050			19,229,144			17,214,304
Shareholders' Equity
Common Stock ($.01 par value; authorized 500,000,000 shares;
issued / outstanding: March 31, 2021 - 58,553,365 / 40,394,234;
December 31, 2020 - 58,285,624 / 40,119,312;
and March 31, 2020 - 58,251,725 / 39,996,510)		580			580			579
Capital Surplus		594,804			591,360			584,392
Accumulated Other Comprehensive Income (Loss)		(41,787	)		7,822			10,821
Retained Earnings		1,844,057			1,811,979			1,773,607
Treasury Stock, at Cost (Shares: March 31, 2021 - 18,159,131;
December 31, 2020 - 18,166,312; and March 31, 2020 - 18,255,215)		(1,037,433	)		(1,037,234	)		(1,041,470	)
Total Shareholders' Equity		1,360,221			1,374,507			1,327,929
Total Liabilities and Shareholders' Equity	$	21,947,271		$	20,603,651		$	18,542,233

Bank of Hawaii Corporation and Subsidiaries
Consolidated Statements of Shareholders' Equity																Table 6
							Accum.
							Other
							Compre-
							hensive
	Common Shares		Common		Capital		Income			Retained			Treasury
(dollars in thousands)	Outstanding		Stock		Surplus		(Loss)			Earnings			Stock			Total
Balance as of December 31, 2020	40,119,312		$	580	$	591,360	$	7,822		$	1,811,979		$	(1,037,234	)	$	1,374,507
Net Income	-			-		-		-			59,949			-			59,949
Other Comprehensive Loss	-			-		-		(49,609	)		-			-			(49,609	)
Share-Based Compensation	-			-		2,780		-			-			-			2,780
Common Stock Issued under Purchase and Equity
Compensation Plans	310,905			-		664		-			(845	)		2,990			2,809
Common Stock Repurchased	(35,983	)		-		-		-			-			(3,189	)		(3,189	)
Cash Dividends Declared ($0.67 per share)	-			-		-		-			(27,026	)		-			(27,026	)
Balance as of March 31, 2021	40,394,234		$	580	$	594,804	$	(41,787	)	$	1,844,057		$	(1,037,433	)	$	1,360,221


Balance as of December 31, 2019	40,039,695		$	579	$	582,566	$	(31,112	)	$	1,761,415		$	(1,026,616	)	$	1,286,832
Net Income	-			-		-		-			34,742			-			34,742
Other Comprehensive Income	-			-		-		41,933			-			-			41,933
Cumulative Change in Accounting Principle	-			-		-		-			3,632			-			3,632
Share-Based Compensation	-			-		1,497		-			-			-			1,497
Common Stock Issued under Purchase and Equity
Compensation Plans	154,091			-		329		-			653			2,779			3,761
Common Stock Repurchased	(197,276	)		-		-		-			-			(17,633	)		(17,633	)
Cash Dividends Declared ($0.67 per share)	-			-		-		-			(26,835	)		-			(26,835	)
Balance as of March 31, 2020	39,996,510		$	579	$	584,392	$	10,821		$	1,773,607		$	(1,041,470	)	$	1,327,929

Bank of Hawaii Corporation and Subsidiaries
Average Balances and Interest Rates - Taxable-Equivalent Basis																		Table 7
	Three Months Ended						Three Months Ended							Three Months Ended
	March 31, 2021						December 31, 2020							March 31, 2020
	Average		Income/		Yield/		Average		Income/			Yield/		Average		Income/		Yield/
(dollars in millions)	Balance		Expense		Rate		Balance		Expense			Rate		Balance		Expense		Rate
Earning Assets
Interest-Bearing Deposits in Other Banks	$	3.2	$	-	0.93	%	$	2.2	$	-		0.16	%	$	1.4	$	-	2.36	%
Funds Sold		550.6		0.1	0.10			451.6		0.1		0.10			152.8		0.6	1.41
Investment Securities
Available-for-Sale
Taxable		4,007.9		15.8	1.57			3,605.8		15.3		1.69			2,702.4		16.4	2.43
Non-Taxable		12.3		0.1	4.27			20.2		0.2		4.33			32.4		0.4	4.40
Held-to-Maturity
Taxable		3,385.8		13.1	1.55			3,246.7		13.9		1.71			3,036.2		18.9	2.50
Non-Taxable		38.1		0.2	2.55			47.1		0.3		2.66			54.7		0.4	2.67
Total Investment Securities		7,444.1		29.2	1.57			6,919.8		29.7		1.71			5,825.7		36.1	2.48
Loans Held for Sale		26.2		0.2	2.76			15.1		0.1		2.98			23.2		0.2	3.54
Loans and Leases ¹
Commercial and Industrial		1,904.5		14.3	3.05			1,897.4		14.0		2.95			1,409.3		13.2	3.77
Commercial Mortgage		2,846.0		21.3	3.04			2,768.0		21.7		3.12			2,549.4		25.1	3.96
Construction		264.1		2.3	3.48			257.4		2.3		3.62			213.2		2.5	4.65
Commercial Lease Financing		106.4		0.4	1.43			112.2		(2.5	)	(9.07	)		111.4		0.5	1.95
Residential Mortgage		4,146.6		35.9	3.46			4,089.7		36.4		3.57			3,895.4		36.9	3.79
Home Equity		1,594.1		12.6	3.20			1,600.9		13.2		3.28			1,680.2		15.2	3.64
Automobile		708.3		6.1	3.51			706.1		6.4		3.59			721.0		6.4	3.56
Other ²		382.6		6.4	6.75			404.2		7.0		6.85			480.8		8.4	7.06
Total Loans and Leases		11,952.6		99.3	3.35			11,835.9		98.5		3.32			11,060.7		108.2	3.93
Other		33.4		0.2	2.21			33.3		0.2		2.01			34.3		0.2	2.54
Total Earning Assets ³		20,010.1		129.0	2.60			19,257.9		128.6		2.66			17,098.1		145.3	3.41
Cash and Due from Banks		270.7						240.4							278.8
Other Assets		869.9						884.3							845.7
Total Assets	$	21,150.7					$	20,382.6						$	18,222.6

Interest-Bearing Liabilities
Interest-Bearing Deposits
Demand	$	4,186.4		0.6	0.06		$	3,899.5		0.6		0.06		$	3,110.0		1.0	0.12
Savings		7,016.6		1.5	0.09			6,728.8		1.4		0.08			6,502.4		7.1	0.44
Time		1,630.0		2.2	0.56			1,696.0		2.9		0.68			1,743.0		6.2	1.43
Total Interest-Bearing Deposits		12,833.0		4.3	0.14			12,324.3		4.9		0.16			11,355.4		14.3	0.51
Short-Term Borrowings		2.4		-	0.09			19.2		-		0.10			57.8		0.1	0.76
Securities Sold Under Agreements to Repurchase		600.5		3.6	2.35			600.9		3.6		2.35			604.1		4.0	2.64
Other Debt		60.5		0.3	2.22			60.5		0.3		2.22			66.9		0.6	3.51
Total Interest-Bearing Liabilities		13,496.4		8.2	0.24			13,004.9		8.8		0.27			12,084.2		19.0	0.63
Net Interest Income			$	120.8					$	119.8						$	126.3
Interest Rate Spread					2.36	%						2.39	%					2.78	%
Net Interest Margin					2.43	%						2.48	%					2.96	%
Noninterest-Bearing Demand Deposits		5,832.2						5,494.8							4,462.3
Other Liabilities		444.8						509.9							362.3
Shareholders' Equity		1,377.3						1,373.0							1,313.8
Total Liabilities and Shareholders' Equity	$	21,150.7					$	20,382.6						$	18,222.6

¹		Non-performing loans and leases are included in the respective average loan and lease balances. Income, if any, on such loans and leases is recognized on a cash basis.
²		Comprised of other consumer revolving credit, installment, and consumer lease financing.
³		Interest income includes taxable-equivalent basis adjustments, based upon a federal statutory tax rate of 21%, of $252,000, $287,000, and $357,000 for the three months ended March 31, 2021, December 31, 2020, and March 31, 2020, respectively.

Bank of Hawaii Corporation and Subsidiaries
Analysis of Change in Net Interest Income - Taxable-Equivalent Basis							Table 8a
	Three Months Ended March 31, 2021
	Compared to December 31, 2020
(dollars in millions)	Volume ¹			Rate ¹			Total
Change in Interest Income:
Investment Securities
Available-for-Sale
Taxable	$	1.6		$	(1.1	)	$	0.5
Non-Taxable		(0.1	)		-			(0.1	)
Held-to-Maturity
Taxable		0.6			(1.4	)		(0.8	)
Non-Taxable		(0.1	)		-			(0.1	)
Total Investment Securities		2.0			(2.5	)		(0.5	)
Loans Held for Sale		0.1			-			0.1
Loans and Leases
Commercial and Industrial		-			0.3			0.3
Commercial Mortgage		0.4			(0.8	)		(0.4	)
Construction		0.1			(0.1	)		-
Commercial Lease Financing		0.1			2.8			2.9
Residential Mortgage		0.5			(1.0	)		(0.5	)
Home Equity		(0.1	)		(0.5	)		(0.6	)
Automobile		-			(0.3	)		(0.3	)
Other ²		(0.5	)		(0.1	)		(0.6	)
Total Loans and Leases		0.5			0.3			0.8
Total Change in Interest Income		2.6			(2.2	)		0.4

Change in Interest Expense:
Interest-Bearing Deposits
Savings		-			0.1			0.1
Time		(0.1	)		(0.6	)		(0.7	)
Total Interest-Bearing Deposits		(0.1	)		(0.5	)		(0.6	)
Total Change in Interest Expense		(0.1	)		(0.5	)		(0.6	)

Change in Net Interest Income	$	2.7		$	(1.7	)	$	1.0

¹		The change in interest income and expense not solely due to changes in volume or rate has been allocated on a pro-rata basis to the volume and rate columns.
²		Comprised of other consumer revolving credit, installment, and consumer lease financing.

Bank of Hawaii Corporation and Subsidiaries
Analysis of Change in Net Interest Income - Taxable-Equivalent Basis							Table 8b
	Three Months Ended March 31, 2021
	Compared to March 31, 2020
(dollars in millions)	Volume ¹			Rate ¹			Total
Change in Interest Income:
Funds Sold	$	0.4		$	(0.9	)	$	(0.5	)
Investment Securities
Available-for-Sale
Taxable		6.4			(7.0	)		(0.6	)
Non-Taxable		(0.2	)		(0.1	)		(0.3	)
Held-to-Maturity
Taxable		2.0			(7.8	)		(5.8	)
Non-Taxable		(0.1	)		(0.1	)		(0.2	)
Total Investment Securities		8.1			(15.0	)		(6.9	)
Loans and Leases
Commercial and Industrial		3.9			(2.8	)		1.1
Commercial Mortgage		2.6			(6.4	)		(3.8	)
Construction		0.5			(0.7	)		(0.2	)
Commercial Lease Financing		-			(0.1	)		(0.1	)
Residential Mortgage		2.3			(3.3	)		(1.0	)
Home Equity		(0.8	)		(1.8	)		(2.6	)
Automobile		(0.2	)		(0.1	)		(0.3	)
Other ²		(1.7	)		(0.3	)		(2.0	)
Total Loans and Leases		6.6			(15.5	)		(8.9	)
Total Change in Interest Income		15.1			(31.4	)		(16.3	)

Change in Interest Expense:
Interest-Bearing Deposits
Demand		0.2			(0.6	)		(0.4	)
Savings		0.5			(6.1	)		(5.6	)
Time		(0.4	)		(3.6	)		(4.0	)
Total Interest-Bearing Deposits		0.3			(10.3	)		(10.0	)
Short-Term Borrowings		(0.1	)		-			(0.1	)
Securities Sold Under Agreements to Repurchase		0.1			(0.5	)		(0.4	)
Other Debt		(0.1	)		(0.2	)		(0.3	)
Total Change in Interest Expense		0.2			(11.0	)		(10.8	)

Change in Net Interest Income	$	14.9		$	(20.4	)	$	(5.5	)

¹		The change in interest income and expense not solely due to changes in volume or rate has been allocated on a pro-rata basis to the volume and rate columns.
²		Comprised of other consumer revolving credit, installment, and consumer lease financing.

Bank of Hawaii Corporation and Subsidiaries
Salaries and Benefits						Table 9
	Three Months Ended
	March 31,		December 31,			March 31,
(dollars in thousands)	2021		2020			2020
Salaries	$	31,569	$	33,907		$	33,486
Incentive Compensation		5,914		3,084			245
Share-Based Compensation		2,584		2,029			1,291
Commission Expense		2,436		2,164			1,374
Retirement and Other Benefits		5,517		5,212			4,706
Payroll Taxes		3,968		2,292			4,543
Medical, Dental, and Life Insurance		2,424		1,523			4,142
Separation Expense		1,839		(11	)		4,676
Total Salaries and Benefits	$	56,251	$	50,200		$	54,463

Bank of Hawaii Corporation and Subsidiaries
Loan and Lease Portfolio Balances					Table 10
	March 31,	December 31,	September 30,	June 30,	March 31,
(dollars in thousands)	2021	2020	2020	2020	2020
Commercial
Commercial and Industrial	$ 2,013,981	$ 1,875,293	$ 1,908,482	$ 1,956,939	$ 1,558,232
Commercial Mortgage	2,859,246	2,854,829	2,745,611	2,707,534	2,616,243
Construction	281,164	259,798	250,943	245,099	245,390
Lease Financing	104,980	110,766	111,831	113,187	110,704
Total Commercial	5,259,371	5,100,686	5,016,867	5,022,759	4,530,569
Consumer
Residential Mortgage	4,216,976	4,130,513	4,044,228	3,989,393	3,928,183
Home Equity	1,577,500	1,604,538	1,605,486	1,640,887	1,692,154
Automobile	710,407	708,800	709,937	700,702	716,214
Other ¹	376,449	395,483	417,090	451,629	485,660
Total Consumer	6,881,332	6,839,334	6,776,741	6,782,611	6,822,211
Total Loans and Leases	$ 12,140,703	$ 11,940,020	$ 11,793,608	$ 11,805,370	$ 11,352,780


Deposits
	March 31,	December 31,	September 30,	June 30,	March 31,
(dollars in thousands)	2021	2020	2020	2020	2020
Consumer	$ 9,746,713	$ 9,347,725	$ 8,903,808	$ 8,766,885	$ 8,294,464
Commercial	8,241,102	7,302,832	7,159,531	7,295,033	6,358,583
Public and Other	1,568,836	1,561,064	1,675,544	1,361,237	1,402,314
Total Deposits	$ 19,556,651	$ 18,211,621	$ 17,738,883	$ 17,423,155	$ 16,055,361

Comprised of other revolving credit, installment, and lease financing.

Bank of Hawaii Corporation and Subsidiaries
Non-Performing Assets and Accruing Loans and Leases Past Due 90 Days or More													Table 11
	March 31,			December 31,			September 30,			June 30,			March 31,
(dollars in thousands)	2021			2020			2020			2020			2020
Non-Performing Assets
Non-Accrual Loans and Leases
Commercial
Commercial and Industrial	$	293		$	441		$	475		$	459		$	634
Commercial Mortgage		8,503			8,527			8,615			8,672			9,048
Total Commercial		8,796			8,968			9,090			9,131			9,682
Consumer
Residential Mortgage		1,804			3,223			3,543			5,888			4,330
Home Equity		4,951			3,958			3,661			5,176			4,086
Total Consumer		6,755			7,181			7,204			11,064			8,416
Total Non-Accrual Loans and Leases		15,551			16,149			16,294			20,195			18,098
Foreclosed Real Estate		2,332			2,332			2,332			2,506			2,506
Total Non-Performing Assets	$	17,883		$	18,481		$	18,626		$	22,701		$	20,604

Accruing Loans and Leases Past Due 90 Days or More
Commercial
Commercial and Industrial	$	9		$	-		$	-		$	-		$	-
Total Commercial		9			-			-			-			-
Consumer
Residential Mortgage	$	4,069		$	5,274		$	6,607		$	4,937		$	3,024
Home Equity		4,906			3,187			2,571			3,519			3,426
Automobile		604			925			156			133			866
Other¹		828			1,160			258			296			1,205
Total Consumer		10,407			10,546			9,592			8,885			8,521
Total Accruing Loans and Leases Past Due 90 Days or More	$	10,416		$	10,546		$	9,592		$	8,885		$	8,521
Restructured Loans on Accrual Status
and Not Past Due 90 Days or More	$	74,216		$	68,065		$	58,650		$	59,713		$	61,425
Total Loans and Leases	$	12,140,703		$	11,940,020		$	11,793,608		$	11,805,370		$	11,352,780

Ratio of Non-Accrual Loans and Leases to Total Loans and Leases		0.13	%		0.14	%		0.14	%		0.17	%		0.16	%

Ratio of Non-Performing Assets to Total Loans and Leases
and Foreclosed Real Estate		0.15	%		0.15	%		0.16	%		0.19	%		0.18	%

Ratio of Commercial Non-Performing Assets to Total Commercial Loans
and Leases and Commercial Foreclosed Real Estate		0.17	%		0.18	%		0.18	%		0.18	%		0.21	%

Ratio of Consumer Non-Performing Assets to Total Consumer Loans
and Leases and Consumer Foreclosed Real Estate		0.13	%		0.14	%		0.14	%		0.20	%		0.16	%

Ratio of Non-Performing Assets and Accruing Loans and Leases
Past Due 90 Days or More to Total Loans and Leases
and Foreclosed Real Estate		0.23	%		0.24	%		0.24	%		0.27	%		0.26	%

Quarter to Quarter Changes in Non-Performing Assets
Balance at Beginning of Quarter	$	18,481		$	18,626		$	22,701		$	20,604		$	20,117
Additions		2,992			434			938			5,856			1,754
Reductions
Payments		(2,481	)		(490	)		(3,729	)		(2,736	)		(315	)
Return to Accrual Status		(1,014	)		-			(1,035	)		(822	)		(437	)
Sales of Foreclosed Real Estate		-			-			(175	)		-			(231	)
Charge-offs/Write-downs		(95	)		(89	)		(74	)		(201	)		(284	)
Total Reductions		(3,590	)		(579	)		(5,013	)		(3,759	)		(1,267	)
Balance at End of Quarter	$	17,883		$	18,481		$	18,626		$	22,701		$	20,604

Comprised of other revolving credit, installment, and lease financing.

Bank of Hawaii Corporation and Subsidiaries
Reserve for Credit Losses							Table 12
	Three Months Ended
	March 31,			December 31,			March 31,
(dollars in thousands)	2021			2020			2020
Balance at Beginning of Period	$	221,303		$	205,813		$	116,849

CECL Adoption (Day 1) Impact		-			-			(5,072	)

Loans and Leases Charged-Off
Commercial
Commercial and Industrial		(248	)		(177	)		(693	)
Consumer
Residential Mortgage		(4	)		(120	)		(20	)
Home Equity		(16	)		(81	)		-
Automobile		(2,109	)		(393	)		(2,500	)
Other ¹		(3,914	)		(2,460	)		(3,964	)
Total Loans and Leases Charged-Off		(6,291	)		(3,231	)		(7,177	)
Recoveries on Loans and Leases Previously Charged-Off
Commercial
Commercial and Industrial		112			244			289
Commercial Mortgage		-			-			40
Consumer
Residential Mortgage		955			497			263
Home Equity		533			868			976
Automobile		919			910			1,005
Other ¹		856			968			864
Total Recoveries on Loans and Leases Previously Charged-Off		3,375			3,487			3,437
Net Recovered (Charged-Off) - Loans and Leases		(2,916	)		256			(3,740	)
Net Charged-Off - Accrued Interest Receivable		(308	)		-			-
Provision for Credit Losses:
Loans and Leases		(14,993	)		12,500			33,600
Accrued Interest Receivable²		-			2,700			-
Unfunded Commitments ³		693			34			(170	)
Balance at End of Period	$	203,779		$	221,303		$	141,467

Components
Allowance for Credit Losses - Loans and Leases	$	198,343			216,252			138,150
Allowance for Credit Losses - Accrued Interest Receivable²		2,392			2,700			-
Reserve for Unfunded Commitments ³		3,044			2,351			3,317
Total Reserve for Credit Losses	$	203,779		$	221,303		$	141,467

Average Loans and Leases Outstanding	$	11,952,587		$	11,835,929		$	11,060,707

Ratio of Net Loans and Leases Charged-Off (Recovered) to
Average Loans and Leases Outstanding (annualized)		0.10	%		(0.01	%)		0.14	%
Ratio of Allowance for Credit Losses to Loans and Leases Outstanding		1.63	%		1.81	%		1.22	%

¹		Comprised of other revolving credit, installment, and lease financing.
²		Beginning December 31, 2020, the Company established a reserve on accrued interest receivable related to loans in which interest payment forbearances were granted to borrowers impacted by the COVID-19 pandemic. The reserve was recorded as a contra-asset against accrued interest receivable with the offset to provision for credit losses.
³		The reserve for unfunded commitments is separately recorded in other liabilities in the consolidated statements of condition. For the three months ended March 31, 2021, the offsetting provision was recorded in provision for credit losses in the consolidated statements of income. In previous reporting periods, the offsetting provision was recorded in other noninterest expense.

Bank of Hawaii Corporation and Subsidiaries
Business Segments Selected Financial Information										Table 13
	Consumer			Commercial			Treasury			Consolidated
(dollars in thousands)	Banking			Banking			and Other			Total
Three Months Ended March 31, 2021
Net Interest Income	$	69,762		$	47,143		$	3,664		$	120,569
Provision for Credit Losses		2,866			50			(17,216	)		(14,300	)
Net Interest Income After Provision for Credit Losses		66,896			47,093			20,880			134,869
Noninterest Income		33,698			7,858			1,414			42,970
Noninterest Expense		(78,181	)		(15,677	)		(5,007	)		(98,865	)
Income Before Income Taxes		22,413			39,274			17,287			78,974
Provision for Income Taxes		(5,474	)		(9,558	)		(3,993	)		(19,025	)
Net Income	$	16,939		$	29,716		$	13,294		$	59,949
Total Assets as of March 31, 2021	$	7,556,756		$	5,224,386		$	9,166,129		$	21,947,271

Three Months Ended March 31, 2020 ¹
Net Interest Income	$	73,914		$	45,237		$	6,815		$	125,966
Provision for Credit Losses		3,451			290			29,859			33,600
Net Interest Income (Loss) After Provision for Credit Losses		70,463			44,947			(23,044	)		92,366
Noninterest Income		32,590			11,735			1,824			46,149
Noninterest Expense		(70,746	)		(17,346	)		(8,220	)		(96,312	)
Income (Loss) Before Income Taxes		32,307			39,336			(29,440	)		42,203
Provision for Income Taxes		(8,116	)		(9,555	)		10,210			(7,461	)
Net Income (Loss)	$	24,191		$	29,781		$	(19,230	)	$	34,742
Total Assets as of March 31, 2020 ¹	$	7,388,217		$	4,728,651		$	6,425,365		$	18,542,233

Certain prior period information has been reclassified to conform to current presentation.

Bank of Hawaii Corporation and Subsidiaries
Selected Quarterly Financial Data													Table 14
	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
(dollars in thousands, except per share amounts)	2021			2020			2020			2020			2020
Quarterly Operating Results
Interest Income
Interest and Fees on Loans and Leases	$	99,299		$	98,471		$	103,189		$	107,628		$	108,210
Income on Investment Securities
Available-for-Sale		15,837			15,449			14,558			14,576			16,711
Held-to-Maturity		13,300			14,113			15,967			16,723			19,252
Deposits		7			1			3			1			9
Funds Sold		137			115			149			92			546
Other		185			167			151			125			218
Total Interest Income		128,765			128,316			134,017			139,145			144,946
Interest Expense
Deposits		4,329			4,861			5,891			7,954			14,260
Securities Sold Under Agreements to Repurchase		3,533			3,614			3,622			4,020			4,025
Funds Purchased		1			5			-			18			72
Short-Term Borrowings		-			-			1			22			39
Other Debt		333			337			337			440			584
Total Interest Expense		8,196			8,817			9,851			12,454			18,980
Net Interest Income		120,569			119,499			124,166			126,691			125,966
Provision for Credit Losses		(14,300	)		15,200			28,600			40,400			33,600
Net Interest Income After Provision for Credit Losses		134,869			104,299			95,566			86,291			92,366
Noninterest Income
Trust and Asset Management		11,278			11,239			10,752			10,550			10,915
Mortgage Banking		5,862			6,851			4,047			4,278			2,695
Service Charges on Deposit Accounts		6,128			6,335			6,027			5,097			7,451
Fees, Exchange, and Other Service Charges		13,607			12,143			12,296			9,417			13,200
Investment Securities Gains (Losses), Net		(1,203	)		(1,193	)		(1,121	)		13,216			(970	)
Annuity and Insurance		702			670			881			883			928
Bank-Owned Life Insurance		1,917			2,353			1,806			1,649			1,580
Other		4,679			6,860			7,046			6,178			10,350
Total Noninterest Income		42,970			45,258			41,734			51,268			46,149
Noninterest Expense
Salaries and Benefits		56,251			50,200			51,951			50,715			54,463
Net Occupancy		9,090			14,536			7,281			8,761			8,955
Net Equipment		8,878			9,574			9,223			8,195			8,456
Data Processing		6,322			4,604			4,691			4,416			4,788
Professional Fees		3,406			3,174			2,743			3,061			3,208
FDIC Insurance		1,654			1,484			1,282			1,558			1,456
Other		13,264			15,082			12,778			12,186			14,986
Total Noninterest Expense		98,865			98,654			89,949			88,892			96,312
Income Before Provision for Income Taxes		78,974			50,903			47,351			48,667			42,203
Provision for Income Taxes		19,025			8,589			9,511			9,759			7,461
Net Income	$	59,949		$	42,314		$	37,840		$	38,908		$	34,742

Basic Earnings Per Share	$	1.51		$	1.06		$	0.95		$	0.98		$	0.88
Diluted Earnings Per Share	$	1.50		$	1.06		$	0.95		$	0.98		$	0.87

Balance Sheet Totals
Loans and Leases	$	12,140,703		$	11,940,020		$	11,793,608		$	11,805,370		$	11,352,780
Total Assets		21,947,271			20,603,651			20,109,489			19,769,942			18,542,233
Total Deposits		19,556,651			18,211,621			17,738,883			17,423,155			16,055,361
Total Shareholders' Equity		1,360,221			1,374,507			1,361,739			1,352,082			1,327,929

Performance Ratios
Return on Average Assets		1.15	%		0.83	%		0.76	%		0.82	%		0.77	%
Return on Average Shareholders' Equity		17.65			12.26			11.01			11.58			10.64
Efficiency Ratio ¹		60.45			59.88			54.22			49.95			55.96
Net Interest Margin ²		2.43			2.48			2.67			2.83			2.96

¹		Efficiency ratio is defined as noninterest expense divided by total revenue (net interest income and noninterest income).
²		Net interest margin is defined as net interest income, on a taxable-equivalent basis, as a percentage of average earning assets.

Bank of Hawaii Corporation and Subsidiaries
Hawaii Economic Trends											Table 15
	Two Months Ended			Year Ended
($ in millions; jobs in thousands)	February 28, 2021			December 31, 2020				December 31, 2019
Hawaii Economic Trends
State General Fund Revenues¹	$ 1,111.9	(17.6)	%	$ 6,415.1		(12.3)	%	$ 7,316.5		5.5	%
General Excise and Use Tax Revenue¹	$ 551.1	(18.9)	%	$ 3,038.8		(15.6)	%	$ 3,602.2		5.1	%
Jobs ²	595.3			588.2				659.7

						March 31,		December 31,
(spot rates)						2021		2020		2019
Unemployment, seasonally adjusted³
Statewide						9.0	%	10.3	%	2.1	%

Oahu						7.6		9.3		2.0
Island of Hawaii						8.3		10.1		2.5
Maui						12.1		14.3		2.0
Kauai						13.0		13.9		2.1

				March 31,		December 31,
(percentage change, except months of inventory)				2021		2020		2019		2018
Housing Trends (Single Family Oahu) ⁴
Median Home Price				17.3	%	5.2	%	(0.1)	%	4.6	%
Home Sales Volume (units)				11.9	%	2.3	%	3.9	%	(7.7)	%
Months of Inventory				1.3		1.4		2.5		2.8

				Monthly Visitor Arrivals,				Percentage Change
(in thousands)				Not Seasonally Adjusted				from Previous Year
Tourism ⁵
February 28, 2021						235.3				(71.6)
January 31, 2021						172.0				(80.1)
December 31, 2020						235.8				(75.2)
November 30, 2020						183.8				(77.3)
October 31, 2020						76.6				(90.4)
September 30, 2020						18.9				(97.4)
August 31, 2020						22.3				(97.6)
July 31, 2020						22.6				(97.7)
June 30, 2020						17.1				(98.2)
May 31, 2020						9.1				(98.9)
April 30, 2020						4.6				(99.5)
March 31, 2020						434.9				(53.7)
February 29, 2020						828.1				5.8
January 31, 2020						862.6				5.1
December 31, 2019						952.4				5.8
November 30, 2019						809.1				3.9
October 31, 2019						796.2				4.3
September 30, 2019						738.2				3.1
August 31, 2019						926.4				9.6
July 31, 2019						995.2				5.9
June 30, 2019						951.6				6.1
May 31, 2019						841.4				4.6
April 30, 2019						856.3				6.6
March 31, 2019						939.1				3.9
February 28, 2019						782.7				0.5
January 31, 2019						820.6				3.0

¹		Source: Hawaii Department of Business, Economic Development & Tourism
²		Source: U. S. Bureau of Labor Statistics
³		Source: UHERO
⁴		Source: Honolulu Board of REALTORS
⁵		Source: Hawaii Tourism Authority

View source version on businesswire.com: https://www.businesswire.com/news/home/20210426005158/en/

Media Inquiries
Melissa Torres-Laing
Email: Melissa.Torres-Laing@boh.com
Telephone: 808-694-8384
Mobile: 808-859-1703

Investor/Analyst Inquiries
Janelle Higa
Email: Janelle.Higa@boh.com
Telephone: 808-694-8007

Source: Bank of Hawaii Corporation

Financial Release

Bank of Hawaii Corporation First Quarter 2021 Financial Results